Impact Of Technology In Banking

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

RESERVE BANK’S EARLY INITIATIVES
As a central bank in a developing country, the Reserve Bank of India (RBI) has adopted development of the banking and financial market as one of its prime objectives. “Institutional development” was the hallmark of this approach from 1950s to 1970s. In the 1980s, the Reserve Bank focused on “improvements in the productivity” of the banking sector. Being convinced that technology is the key for improving in productivity, the Reserve Bank took several initiatives to popularize usage of technology by banks in India.

Periodically, almost once in five years since the early 1980s, the Reserve Bank appointed committees and working Groups to deliberate on and recommend the appropriate use of technology by banks give the circumstances and the need. These committees are as follows:
-Rangarajan committee -1 in early 1980s.
-Rangarajan committee -11 in late 1980s.
-Saraf working group in early 1990s.
-Vasudevan working group in late 1990s.
-Barman working group in early 2000s.

Based on the recommendations of these committees and working groups, the Reserve Bank issued suitable guidelines for the banks. In the 1980s, usage of technology for the back office operations of the banks predominated the scene. It was in the form of accounting of transactions and collection of MIS. In the inter-bank payment systems, it was in the form of clearing and settlement using the MICR technology.

Two momentous decisions of the Reserve Bank in the 1990s changed the scenario for ever there are:
a) The prescription of compulsory usage of technology in full measure by the new private sector banks as a precondition of the license and
b) The establishment of an exclusive research institute for banking technology institute for development and Research in Banking Technology.

As the new private sector banks came on the scene as technology-savvy banks and offered several innovative products at the front office for the customers based on technology, the demonstration effect caught on the reset of the banks. Multi channel offerings like machine based (ATMs and pc-Banking), card based (credit/Debit/Smart cards), Communication based (Tele-Banking and Internet Banking) ushered in Anytime and Anywhere Banking by the banks in India. The IDRBT has been instrumental in establishing a safe and secure, state of the art communication backbone in the from of the Indian Financial NETwork (INFINET) as a closed user group exclusively for the banking and financial sector in India.

CHANGING FACE OF BANKING SERVICES
Liberalization brought several changes to Indian service industry. Probably Indian banking industry learnt a tremendous lesson. Pre-liberalization, all we did at a bank was deposit and withdraw money. Service standards were pathetic, but all we could do was grin and bear it. Post-liberalization, the tables have turned. It’s a consumer oriented market there.

Technology is revolutionizing every field of human endeavor and activity. One of them is introduction of information technology into capital market. The internet banking is changing the banking industry and is having the major effects on banking relationship. Web is more important for retail financial services than for many other industries.

Retail banking in India is maturing with time, several products, which further could be customized. Most happening sector is housing loan, which is witnessing a cut-throat competition. The home loans are very popular as they help you to realize your most cherished dream. Interest rates are coming down and market has seen some innovative products as well. Other retail banking products are personal loan, education loan and vehicles loan. Almost every bank and financial institution is offering these products, but it is essential to understand the different aspects of these loan products, which are not mentioned in their colored advertisements.

PLASTIC MONEY
Plastic money was a delicious gift to Indian market. Giving respite from carrying too much cash. Now several new features added to plastic money to make it more attractive. It works on formula purchase now repay later. There are different facts of plastic money credit card is synonyms of all.

Credit card is a financial instrument, which can be used more than once to borrow money or buy products and services on credit. Banks, retail stores and other businesses generally issue these. On the basis of their credit limit, they are of different kinds like classic, gold or silver.

Charged cards-these too carry almost same features as credit cards. The fundamental difference is you can not defer payments charged generally have higher credit limits or some times no credit limits.
Debit cards-this card is may be characterized as accountholder’s mobile ATM, for this you have to have account with any bank offering credit card.

Over the years, the banking sector in India has seen a no. of changes. Most of the banks have begun to take an innovative approach towards banking with the objective of creating more value for customers and consequently, the banks. Some of the significant changes in the banking sector are discussed below.

MOBILE BANKING
Taking advantages of the booming market for mobile phones and cellular services, several banks have introduced mobile banking which allows customers to perform banking transactions using their mobile phones. For instances HDFC has introduced SMS services. Mobile banking has been especially targeted at people who travel frequently and to keep track of their banking transaction.

RURAL BANKING
One of the innovative scheme to be launched in rural banking was the KISAN CREDIT CARD (KCC) SCHMME started in fiscal 1998-1999 by NABARD. KCC mode it easier for framers to purchase important agricultural inputs. In addition to regular agricultural loans, banks to offer several other products geared to the needs of the rural people.

Private sector Banks also realized the potential in rural market. In the early 2000’s ICICI bank began setting up internet kiosks in rural Tamilnadu along with ATM machines.

NRI SERVICES
With a substantial number of Indians having relatives abroad, banks have begun to offer service that allows expatriate Indians to send money more conveniently to relatives India which is one of the major improvements in money transfer.

E-BANKING
E-Banking is becoming increasingly popular among retail banking customers. E-Banking helps in cutting costs by providing cheaper and faster ways of delivering products to customers. It also helps the customer to choose the time, place and method by which he wants to use the services and gives effect to multichannel delivery of service by the bank. This E-Banking is driven by twin engine of “customer-pull and Bank-push”.

CONCLUSION
Technology has been one of the most important factors for the development of mankind. Information and communication technology is the major advent in the field of technology which is used for access, process, storage and dissemination of information electronically. Banking industry is fast growing with the use of technology in the from of ATMs, on-line banking, Telephone banking, Mobile banking etc., plastic card is one of the banking products that cater to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth has been strongly supported by the development of in the field of technology, without which this could not have been possible of course it will change our lifestyle in coming years.

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Understanding Mala Beads

Meditation comes with a lot of benefits for the human mind. Sometimes, all you may need in your life to get through any stressing situation you may be going through is meditation. A lot of people are adopting meditation all over the world because of its healing benefits. Meditating is not an easy activity. Using prayer beads when you find this difficult can be of great help. Mala beads are an example of prayer beads that have been known to help many in meditation. This article seeks to explore everything there is to know about the mala beads and why they are so famous in the meditation world.

Firstly, you need to know that pa mala bead is a garland of one hundred and eight beads. People are often curious as to why the mala beads are composed of one hundred and eight beads and not just any other number. Mala means garland or
japa mala , which means a necklace worn around the neck. The garland is used to signify love and appreciation. Their use originated in India where they were used by people to connect to their inner selves. Today their use has globalized as people from all cultures use them for almost the same reasons. There are very many techniques that can be used in meditation. People have different means of reaching their desired meditative state but one common practice among very many cultures is the wearing of mala beads during meditation.

There are very many types of beads in the world and you may be wondering why these beads were chosen and not the rest. There is a very simple answer for this. The reason why these beads are used is because they are believed to have in them some type of healing energy. Many people believe that their healing energy is important for one to be successful in meditation. Another reason why people use the mala beads is because they are natural elements and naturally occurring things often bring a sense of happiness to people.

If you have never used the mala beads, then you ought to start using them and you are guaranteed to feel more connected to your inner self and thereby handle any stressing situation that could come along.

You do not have to wear the mala beads around your neck for their healing energy to reach you. You can hang the beads in any part of your home or even in your car and their healing energy will still reach you. Dedicating a few minutes of your day to meditation could be just what you need to move forward because many are the times that we ourselves are the stumbling blocks to our progression. if the reason for you not meditating is the inability to connect with your inner self, you should look into getting mala beads and you can easily do so online. Meditation has a lot of health benefits and you are guaranteed to see this for yourself once you embark on this journey.

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What You Need To Know about Good Debt and Bad Debt

From time to time many people usually have to go through debt and in this article, you will find out how the different types of that include good and bad debt normally differ. The moment you take debt and it is able to increase your net worth or assist you to bring in more money then it can be categorized as good debt since it brings value. A good debt is normally used by individuals to deal with unforeseen changes that may require financial attention or basically to manage finances. A mortgage loan is one of the good debts since it normally has low interest and an individual can benefit from it by selling the house at a higher price and making extra money from it. A mortgage loan is seen to be a good debt as long as an individual is able to manage the repayments comfortably. Bad debt, on the other hand, is whereby an individual gets into debt through buying goods or services which are not able to add long-term value to them. As you read on you will find out how bad debts can be more straining to the individual as opposed to bringing more income or value to them.

Payday loans fall in the category of debt and this is because they normally come with very high-interest rates and these strains an individual and ties them down into financial debt. Another bad debt includes credit cards and this is because they have very high-interest rates and one only gets to pay minimum payments and therefore it can end up growing over the years without bringing any value to the individual. This is why individuals are normally advised to take necessary debts and try to avoid high-interest rates that might lead to being financially constrained. For you to find out how you can select good debt, read more here.

We are going to find out how an individual is able to be assisted and ensure that they go for good debts that are more of investments and will be able to bring value to their lives. When going for debt it is essential to go for investments such as car loans, mortgage loans, and student loans because they will be able to add value since they are investments. It is important to do your calculations well before taking up any debt so that you can make sure that you will be in a position to make timely repayments. In this discussion, we have been able to find out how different types of debt are able to affect an individual’s life and why one should ensure they avoid high-interest debt.

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Tips for Finding a Perfect Steak and Seafood Restaurant in Colorado Springs

Restaurants are an integral part of our lives as they offer the hospitality and catering solutions that we need. These days, you will come to discover that there are numerous options for the resorts such that you might not be sure of the best to go for. The list tends to be growing longer each new day. It is a suitable thing to ensure that you look for the right strategy when it comes to choosing the best. You need to start your selection by knowing your main motive or target for which you are going for a restaurant. You need to, for instance, goes through the steak and seafood resort if at all you want such kinds of meals. These days, you will discover that we have restaurants that major in the selling of such seafood, as well as animal protein hence, going for them, is elemental.

While in Colorado Springs, know that there are many top-ranking steak and seafood resorts that are available. All you have to do is develop a perfect strategy to narrow down to the best among them all. This article is beneficial as it will bring to light the several aspects which matter a lot when finding a reliable restaurant in Colorado Springs. First and foremost, target the resort, which offers you different cuisines or styles of preparation regarding the steak and seafood. There are different regions in the world which prepare meat in different cultural ways hence, the right resort is the one which offers you such diversity on the menu. This is elemental in assisting you in choosing a dish that you have never tried before. A perfect restaurant is the one that understands that different clients or visitors have different preferences regarding seafood and steak.

Secondly, choose the steak and seafood restaurant, which offers you an online platform through which you can make a purchase. It is a suitable thing to target the resort which has a perfect website which you can use to place a reservation. There are times when you might not be in town but plan for a date at a certain time. In such a situation, online booking will make you not struggle to avail yourself to the resort for the placing of a reservation. However, the management of the resort ought to be as accurate as possible and make the online platform as real-time s possible. This is what makes your online efforts effective and worthwhile.

Finally, choose the restaurant which has a team of chefs and hospitality staff which is well-trained. Understand that competent resorts will generally hire the finest brains when it comes to catering and hospitality issues, as this is what makes the different meals as well as drinks classy. There is a need to do proper research on the restaurant which you are aiming for as this will help you in knowing more about the competency which it has. This includes looking at the online comments which other people leave behind after visiting the restaurant.

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Avoid Micromanaging Your Business With These Tips

Constantly checking your employees will deny you the chance to control your business. You will end up doing the most work in the company. No business will grow successfully through micromanaging. This article will discuss some tips to help you not to micromanage your business any more.

An employer is a micromanager if they are always asking for updates from their workers. If you also want to keep knowing what your employees are doing and their schedules then you are a micromanager. If you want to be in control of everything hence unable to delegate jobs you are a micromanager.

Micromanages have the final say in everything even if they delegate jobs. Micromanages demand top secrecy among other workers and is careful about what they discuss with the employees.
Micromanaging employees reaps negative consequences for you and your employees. Loss of job morale, fatigue, emotional strain, and stress related health issues such as heart problems and high blood pressure are some problems that you or your employees will be exposed to due to micromanaging your business. Now that it is clear you are a micromanager, how do you intend to overcome it? This article has some tips on how to do about it.

If your business went through some undesired encounters that is why you are a micromananager. Without setting clear expectations caused this ugly encounter for your business. You will not keep checking on your employees if they know what you want out that particular project.

It is good to have goals for a certain job. Inform your employees what you expect but don’t control them on what to do. Just set some rules, set them free to do what they think is sensible. Your employees will enjoy doing the job and they will do it satisfactorily.

Don’t control those who can do a job that you cannot. Be valuable in your departments of expertise. By doing so, a lot will be achieved, workers will have enough space to complete the job without feeling choked.

You should do weekly checks of your employees jobs in progress and where help is needed using the scheduling software. Employees can send you feedback on the best methods of managing them.

You can set your employees free using this scheduling software. This scheduling software helps you take an employee’s progress without consulting them directly. Combining the project management software and the scheduling software you can tell what each employee is working on.

In summary, I’m sure you don’t want to be a micromanager anymore since you now the demerits. Avoid micromanaging your business through the use of the scheduling software tip.

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